X is a salaried individual and stays in accommodation provided by company he has taken a housing loan for a new house purchased by him, this house has been given on rent the rent income is received in wifes name and shown in her total income and she files her return
whether X can claim deduction of housing loan interest and principal in his computation of income
hii madhavan
yes, Mr. X can claim deduction on housing loan interest as the loan was in the name of Mr. X and it is immaterial that in whose name rent is being received.but he cant claim the standatd deduction u/s 24 of income tax act 1961
Yes I agree with Mayank. Mr X can claim deduction u/s 24(b)
yes he can claim deduction of interest upto Rs.150000
CAclubindia
